What happened in Ottawa Real Estate in May 2016? Here’s the Market Snapshot!

From the Ottawa Real Estate Board released Monday June 6th, 2016

Sales stay consistently hot through May heat wave.  Members of the Ottawa Real Estate Board sold 1,921 residential properties in May through the Board’s Multiple Listing Service® system, compared with similar sales of 1,926 in May 2015. The five-year average for May sales is 1,864.

“As the weather warmed, the Ottawa resale market continued its steady pace upwards, continuing an above average trend for the month of May,” says Shane Silva, President of the Ottawa Real Estate Board. “Units sold are up 207 since April, increasing in both the residential and condominium property class.”

May sales included 307 in the condominium property class, and 1,614 in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, townhouse, etc.), which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.

“In May, 3,635 homes were listed, keeping pace with listing numbers in April, but down slightly by 4.4 per cent compared to May 2015,” says Silva. “With the number of sales since the beginning of the year on a steady incline, coupled with increased inventory, Ottawa is riding a strong and steady spring market.”

The average sale price of a residential-class property sold in May in the Ottawa area was $406,063, an increase of 0.6 per cent over May 2015. The average sale price for a condominium-class property was $264,801, an increase of 1.5 per cent over May 2015. The Board cautions that average sale price information can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold.

“The hottest segments in our market for May were sales in the $300,000 to $400,000 price range, followed by the $400,000 to $500,000 price range,” says Silva. “Residential two-storey and bungalows have the highest concentration of buyers in May. In addition to residential and condominium sales, OREB Members have assisted clients with renting 1,213 properties since the beginning of the year.”